Wen's remark triggers index's rebound
By Ye Zhen |
July 12, 2012, Thursday
|
Print Edition
Print Edition
SHANGHAI stocks rebounded yesterday from a six-month low, led by infrastructure-related shares after Premier Wen Jiabao urged more investment to shore up China's economic growth.
The Shanghai Composite index rose 0.51 percent to close at 2,175.38 points.
"Measures to stabilize growth include boosting consumption and diversifying exports, but now, a reasonable growth in investment is more important," Wen said at a two-day meeting, ended on Tuesday, with economists and business leaders.
The premier's comments "triggered hopes for more stimulus policies which helped stabilize investor confidence in the A share market," Soochow Securities Co said in a report yesterday.
Wen also encouraged private investors to tap the railway, public utilities, energy, telecoms, medical services and education sectors.
Anhui Conch Cement Co, China's biggest cement producer, rose 2.8 percent to 14.53 yuan (US$2.28), and Gansu Qilianshan Cement Group Co surged by the daily limit of 10 percent to 10.23 yuan. Zhejiang Jianfeng Group Co, a large state-owned building materials enterprise, gained 4.7 percent to 11.36 yuan.
China Railway Erju Co jumped 5.8 percent to 6.50 yuan after saying it won bids for 87 projects worth 15.7 billion yuan. China Railway Construction Co rose 3.4 percent to 4.54 yuan and CSR Corporation, China's largest train maker, gained 4.5 percent to 4.38 yuan.
Chen Jian, an investment consultant at Caitong Securities, expects the government to unveil financial incentives and tax cuts.
"It's positive for the market in the medium term," he said.
The Shanghai Composite index rose 0.51 percent to close at 2,175.38 points.
"Measures to stabilize growth include boosting consumption and diversifying exports, but now, a reasonable growth in investment is more important," Wen said at a two-day meeting, ended on Tuesday, with economists and business leaders.
The premier's comments "triggered hopes for more stimulus policies which helped stabilize investor confidence in the A share market," Soochow Securities Co said in a report yesterday.
Wen also encouraged private investors to tap the railway, public utilities, energy, telecoms, medical services and education sectors.
Anhui Conch Cement Co, China's biggest cement producer, rose 2.8 percent to 14.53 yuan (US$2.28), and Gansu Qilianshan Cement Group Co surged by the daily limit of 10 percent to 10.23 yuan. Zhejiang Jianfeng Group Co, a large state-owned building materials enterprise, gained 4.7 percent to 11.36 yuan.
China Railway Erju Co jumped 5.8 percent to 6.50 yuan after saying it won bids for 87 projects worth 15.7 billion yuan. China Railway Construction Co rose 3.4 percent to 4.54 yuan and CSR Corporation, China's largest train maker, gained 4.5 percent to 4.38 yuan.
Chen Jian, an investment consultant at Caitong Securities, expects the government to unveil financial incentives and tax cuts.
"It's positive for the market in the medium term," he said.
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